Descrption
Who is not familiar with the insurance industry, where insurance is currently one of the industries that continues to grow every year, with increasing interest.The insurance industry began in the 14th century precisely in Italy. Since that time, the sector in this field has continued to evolve from using verbal methods to written policies and is now a smart contract. This sector has gained tremendous growth because insurance can now cover almost everything. In addition, the industry continues to experience higher productivity from the start.
Despite the rapid growth and development of the insurance industry, it is unfortunate that the problem that has so far become very large is the amount of fraud that has become one of the main challenges where many players have struggled to overcome this.
In an FBI study determined that each year, insurance companies lose about $ 40 billion through fraud.This fee is transferred to insurance customers where every American family is forced to pay an additional $ 500 in insurance premiums. Insurance companies have also been forced to invest in cybersecurity to reduce these attacks.
About InsCoin For The Knox Project
Back in the subject this time, the KNOX Project is a project from the Insurance Industry where the project has a mission to bring the insurance world to modern technology, by collaborating on Blockchain technology, the Knox Project claims that they will be the first insurance companies to combine the real world with the digital world uses Blockchain technology, by creating the most efficient and sophisticated structure in the sector, it aims to find solutions to the problems of certification and anti-counterfeiting of insurance policies, as I have explained above.
With a smart contract, the spread of fake insurance policies can be avoided, therefore smart contracts are one solution for the same system that issues them after receiving payment more precisely all things will become more transparent. With a smart contract, the company will not have a delay in collecting credit, because the policy is issued only after receiving payment.
his factor aims to significantly improve company management. By contracting intelligently in the event of an accident, real judges who will decide whether or not to pay them are no longer companies, which could have opportunistic behavior, but the blockchain system which, in really not interested in human opinion, will decide whether this accident corresponds to provisions in the policy.
This benefit will be the most important because it will increase the company’s transparency towards customers.
How does InsCoin work?
This new project is under development and used for the ICO Knox Project. And the whole project was developed to help improve customer relationships with total and full transparency.
There is a lot going on with the new company, and there is quite a lot of information on the company website. Not only that, but the information on the website is broken down into several different sections, all of which are easy to navigate through and give you everything you need to learn about coins.
How can Blockchain change the insurance industry?
- To customers
Smart contracts prevent the spread of fraudulent insurance policies, since it is the same system that will be issued once payment is received.
- The customer has full control over the insurance policy.
- Subscribers can access all WEB services and mobile platforms and check their policies.
- For insurance companies
With smart contracts, there will be no delays in premium collection, achieved by increasing the company’s cash flow.
- Thanks to Blockchain, fraudulent policies will never be passed on to the company.
- Blockchain enhances business processes and ensures a truly unshakable security system.
- For broker
- Get credibility for policyholders and beneficiaries.
- Direct control over its administrative reports.
The Role of KNOX Projects in the Insurance
Sector The KNOX project uses Blockchain, a technology that is praised for supporting decentralization. This technology helps in developing a platform without trust and without permission that introduces transparency that is needed in this sector. For example, this system has a non-falsified application file certification that handles fraud. The Knox project is determined to use this technology to decentralize the entire insurance system.
This process aims to change the system from traditional paper formats to smart contracts. Smart contracts are associated with the following benefits;
- This will stop the spread of fake insurance policies because the same system is assigned the role of issuing policies after payment (transparent).
- Companies will now collect credit quickly by providing policies not to be issued until payments have been made (the process is complete).
- Blockchain technology will be used to determine whether someone is eligible to claim or not after an accident (disaster). Traditionally, this has been the role of insurance companies and this has given many complaints about opportunistic behavior with some of them. An insurance policy can now be checked by anyone as written on the Blockchain.
This is a big achievement for insurance customers because they now have complete control over the policy. Insurance companies will also not be charged using fraud policies.
Therefore, it is hoped that this project can receive acceptance and even better if it can be invited to collaborate between industries in the same sector in the future.
Conclusion
The ongoing Knox Project is expected to introduce a new breakthrough by promoting transparency in the insurance sector, which will improve the relationship between the company and their customers. This platform will allow insurance companies to build their reputation for better than ever, a powerful feature for businesses that are looking for success in this sector and to provide a more accurate efficiency.
For more information INSCOIN:
Website: https://www.inscoin.co/
Whitepaper: https://inscoin.co/assets/content/whitepaper_en.pdf
Telegram: https://t.me/inscoinico
Linkedin: https://www.linkedin.com/company/inscoin-holding-ou/
Twitter: https://twitter.com/inscoinforknox
Facebook: https://www.facebook.com/Inscoin-for-Knox-1802470656458272/
Reddit: https://www.reddit.com/r/InsCoin/
Credit By Bangkecol
Donate US
ETH : 0xC69e3CD404c4Eee62A9BA237a6cE76a49980BF9a